Raqami Islamic Digital Bank Limited has officially received a Digital Retail Banking Licence from the State Bank of Pakistan (SBP), allowing the bank to begin full commercial operations. The licence was awarded during a ceremony held at the Prime Minister’s House in Islamabad on 20 May 2026, attended by Prime Minister Mian Muhammad Shehbaz Sharif, reflecting strong government and regulatory support for the country’s digital banking sector.
The achievement marks a significant milestone for Pakistan’s Islamic finance industry, as Raqami positions itself as the country’s first fully digital Shariah-compliant retail bank. The development aligns with the State Bank of Pakistan’s Financial Inclusion Framework, which aims to increase financial inclusion to 75% by 2028 through digital financial services and innovative banking solutions.
Raqami’s digital banking platform has been developed in partnership with Codebase Technologies, a leading provider of digital banking solutions in the MENA region. The bank utilizes Codebase’s Digibanc platform, a modern API-first and microservices-based system that enables digital account opening, biometric verification, real-time payments, and transactional takaful services. The flexible technology infrastructure is designed to support future product innovation while meeting evolving regulatory requirements.
Commenting on the milestone, Raheel Iqbal, Managing Partner at Codebase Technologies, described the commercial licence as an important step in the evolution of Pakistan’s digital banking landscape. He noted that the successful implementation of the Digibanc platform demonstrates the growing potential of digital banking in one of the region’s most promising emerging markets.
Raqami Chief Executive Officer Umair Aijaz stated that the bank aims to provide accessible, efficient, and fully Shariah-compliant banking services to a broad customer base. The bank plans to focus on underserved segments, including freelancers, women, youth, agricultural workers, and small and medium-sized enterprises (SMEs), contributing to greater financial inclusion across Pakistan.
Pakistan introduced its digital banking framework in 2022 through a phased licensing process that includes in-principle approval followed by comprehensive regulatory assessment before granting full commercial licences. While several digital banking applicants remain under evaluation, Raqami has secured an early operational advantage by successfully completing the licensing process.
The launch also strengthens Pakistan’s Islamic digital banking ecosystem at a time when demand for Shariah-compliant financial services continues to rise. Backed by UAE-linked investors, Raqami reflects the growing financial cooperation between Pakistan and Gulf markets in the areas of digital banking and Islamic finance.
Going forward, the bank’s success will depend not only on its advanced technology platform but also on its ability to expand its customer base through effective partnerships and broad market outreach. As Pakistan continues its digital transformation, Raqami Islamic Digital Bank is expected to play a key role in advancing financial inclusion and supporting the growth of the country’s Islamic banking industry.